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Article: DAYS INNS, FACING ACQUISITION, ASKS BANKRUPTCY SHIELD.(Business)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- October 1, 1991
CopyrightCOPYRIGHT 1991 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Associated Press
Days Inns of America, squeezed by high debts and the inexpensive room rates it helped pioneer, has filed for bankruptcy protection and likely will be acquired by the parent of rivals Ramada and Howard Johnson.
The Atlanta-based chain, which built its reputation with low-cost, no-frills motels, confirmed Monday that it sought Chapter 11 reorganization status late Friday in federal bankruptcy court in Delaware, where the company is incorporated.
Under Chapter 11, the company gets a reprieve from debts while working out a way to stay in business and satisfy creditor claims.
Days Inns had been struggling with debt ...